The Chinese city of Loudi has launched a blockchain platform to store real estate data, the official Chinese Communist Party newspaper, People & # 39; s Daily, reports on November 13.
The platform is supported by the city's real estate, tax and real estate departments, located in the central province of Hunan. From November 15, the new system will allow citizens to avoid lines and other bureaucratic processes when they send documents to the departments listed above, the newspaper said.
Even today, the first electronic real estate voucher was released in the city via the new blockchain-based system.
China is among the countries that actively adopt blockchain technology both on a public and private level. In September, the People's Bank of China (PBoC) announced the "Blockchain platform of commercial finances in the Guangdong, Hong Kong and Macao Dawan" district, which aims to provide a cross-border trade ecosystem in the areas mentioned.
Also in September, the State Bank of Communications used the blockchain to issue digital mortgages worth $ 1.3 billion. Earlier in July, the Agricultural Bank of China issued a blockchain loan worth around $ 300,000, which was supported by a piece of local farmland.
As reported previously by Cointelegraph, the blockchain has been actively tested in the real estate sector globally, in particular in the issue of digital mortgages to reduce documents and increase interoperability between the various institutions.